The Islamic Corporation for the Development of the Private Sector (ICD) the private sector arm of the Islamic Development Bank Group (IDB) recently secured a 13-month $300 million Islamic Murabaha financing facility.

The facility was secured from Dubai Islamic Bank, First Gulf Bank, Mizuho Bank (Malaysia) Berhad and Mizuho Bank Nederland N.V.

Dubai Islamic Bank acted as the sole Coordinator of the Facility, in addition to being the Mandated Lead Arranger along with First Gulf Bank, Mizuho Bank Malaysia and Mizuho Bank Nederland.

The ICD, based in Jeddah, Saudi Arabia, is a member of the Islamic Development Bank Group which has a rating of AAA/Aaa/AAA from Standard & Poor’s, Moody’s and Fitch Ratings respectively. ICD itself is rated AA/F1+ by Fitch Ratings and Aa3/P-1 by Moody’s.

The facility, the largest to-date for ICD, is part of ICD’s $1.2 billion global resource mobilization program for 2015. The proceeds of the facility were deployed for use of ICD’s ordinary operations. – TradeArabia News Service